Cybersecurity Threats to Digital Financial Inclusion in Africa: Can Ethical AI Bridge the Trust Gap?

Godswill Osuma () and Olubunmi Faboya ()
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Godswill Osuma: University of Johannesburg, School of Economics
Olubunmi Faboya: Federal University, Department of Computer Science

A chapter in Behavioral Cybersecurity and Ethical AI in Relational Economics Context, 2026, pp 379-390 from Springer

Abstract: Abstract Digital financial services have revolutionised financial inclusion in Africa, providing millions with access to banking and payment systems. However, cybersecurity threats, including identity theft, phishing, and financial fraud, pose significant risks to users and financial institutions. Weak regulatory frameworks, low digital literacy, and evolving cyber threats further exacerbate these challenges, undermining trust in digital finance. This chapter examines the cybersecurity risks associated with digital financial services in Africa and explores strategies for mitigating these threats. It highlights the crucial role of regulatory frameworks in strengthening cybersecurity measures and fostering collaboration between policymakers and financial service providers. Additionally, the study explores the potential of ethical artificial intelligence in enhancing security through fraud detection, biometric authentication, and predictive analytics while addressing concerns about algorithmic bias and fairness. The chapter also emphasises the importance of digital literacy in empowering users to recognise and prevent cyber threats. The chapter concludes that by integrating strong cybersecurity policies, ethical AI, and education initiatives, Africa can create a more secure and inclusive digital financial ecosystem that fosters economic growth and financial stability.

Keywords: Cybersecurity; Digital financial services; Digital financial inclusion; Cyber threats; Artificial intelligence; Cyber fraud; Ethics (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-01214-2_16

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DOI: 10.1007/978-3-032-01214-2_16

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